College students are known for needing huge amounts of money. There are times that parents think they will never retire because every week they are getting a call from their college aged child about money and asking for more. Parents and students are aware that college can be expensive but that doesn’t mean they have to spend huge amounts of unnecessary money.
Instead of allowing college students to enroll into college with the idea that they will have an unlimited amount of support from their parents, parents should discuss money saving strategies with them. Parents have to be aware of their student’s expectation and tell them their level of responsibility when it comes to their financial life while in college.
Money Saving Talk
Parents that take the time to talk to their kids about saving money while in college often find they aren’t as pressured for money as those parents that don’t say a word. The parents that do have these conversations are often able to come up with several plans and ideas their kids can do to save money.
Families Plan Ahead- The family that plans together is a family that saves together. There is nothing better than a plan of action when it comes to spending money and where that money will come from. Families that put this plan together are often able to divide their separate responsibilities and stick to the plan.
The planning should start well before students move into the dorm room. These decisions should start taking place with students as they go into their senior year of high school. Parents should ask their kids where their money will come from. Students that are forced to think about this will see their parents aren’t willing to pay for frivolous things. Parents should talk to their students about their income and if they would be able to work or contribute anything to their needs while in college.
This conversation should force parents and students to look for different grants, scholarships and funding opportunities that will help with the expenses that college students will have.
Buy in Advance- There is nothing like a student going to school and calling home because they need an emergency laptop or they don’t have the equipment they need for their class. When families have to pay for things at the last minute, they often pay more for it. Rather than be caught off guard with purchases, families should make a list of what they will need for school and start shopping in advance. Shopping sales and with discounts make many of those larger purchases more affordable.
Food- Food is one of the biggest expenses that college students have. Every parent worries if their child is eating enough and is full through the day. Parents should investigate what food privileges the tuition bill includes and students should know themselves well enough to know how much they will eat. Parents and students can make a plan to ensure food is not the source of worry for their college students. Students need not eat out at fast food places every day. That will tear a budget apart within DAYS!
Use Student Discounts- Most college towns know there are a lot of students there and they know that a lot of students mean a lot of business when school is in session. Instead of hiding those college ids, college students should show them and get as many discounts as possible while at school.
There are many different ways that parents can go to school and not constantly send their kids money. Taking the time to plan ways to save money will lead to a less tense relationship and a happier college experience for parents and students.